USD/CAD Awaiting Guidance Near Key 1.0700 Handle
- USD/CAD Technical Strategy: Sidelines Preferred
- Harami fails to find confirmation
- Absence of reversal signals casts doubt on bounce
USD/CAD is once again testing the critical 1.0700 handle after a Harami pattern on the daily failed to find confirmation. With bullish signals now absent, doubt is cast on a possible recovery for the pair. A daily close below 1.0700 would open the 1.0560 mark.
Daily Chart - Created Using FXCM Marketscope 2.0
An examination of the four hour chart reveals a similar story with bullish patterns absent. However, given the significance of the 1.0700 level as visible on the daily, the extent of further declines may be relatively limited.
USD/CAD: Awaiting Guidance Near 1.0700 Handle
4 Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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